Have you been planning to buy a home surrounded by beautiful beaches and lush greenery? Goa is a place in India where everyone wants to own a home. However, the volatility of Indian government made the real estate market of Goa face some hard time. Just like the rest of the country, the Indian tourismís haven Goa has also faced the brunt of rising prices affecting actual transactions.
Current real estate scenario
The last year of 2013 saw stability in the realty market of Goa. The buyers in anticipation of rise in property prices held back their purchasing plans and thus impacted the property market of the city. The only way option available was to lure the buyers with freebies and discounts. But that also took the back seat. "The ban on sand mining pushed up, the sand prices up. Therefore, it became tough for the builders to provide something extra, such as discounts or freebies to buyers," said Jagannath Prabhudessai, president of CREDAI, Goa.
So, are there some growth corridors in the state that can bring back some hope in the market? Varun Nagpal, managing partner, Vianaar Constructions says that the areas in North Goa are most promising owing to their well-equipped social and civic infrastructure. "Assagao and Siolim belts have the potential to see good growth and demand for property in the year 2014. We see a lot of scope and prospects in this belt as it can emerge as a new center of attraction. The main reason is being the proximity of the place to hot spots, such as Ashvem, Morjim, Baga, Vagator and Anjuna, " says Nagpal.
Another factor that is driving real estate buyers to invest here is its connectivity with other important cities, such as Mumbai, Hyderabad, Pune, Chennai, Ahmedabad, Delhi and Bangalore by air, rail and road.
The year 2013 saw the huge demand for apartments under Rs 70 lakh and villas under Rs 1. 5 crore.
So who are the buyers who are interested in investing in Goa? Goa is a place which sees high demand from buyers from all walks of life, may them be the young entrepreneurs or retirees seeking a good time. Apart from this, NRIs are also lured by the natural beauty of Goa, its laid-back lifestyle, low crime rate and sunny climate. They claim a huge client base in Goa and are an important driver of the real estate market of the state. With the low sentiments prevalent in the market, 2013 saw slow demand from the NRI customers too. However, Nagpal says that the demand from NRIs was noticeable with about 30-35 per cent of the units being booked by them.
With this, it is evident that the real estate market of Goa is witnessing a cautious approach from the buyers. The picture of the market in the state is blurred. However, with the general elections coming ahead, letís hope that the picture gets clearer.